The analysis across various industry sectors including banking, DNFBP’s, asset management and more, highlights a decrease in SARs from 901,255 to 859,905, primarily due to a reduction in SARs from mainstream banks.
While there has been a decrease in SARs, the maintained magnitude of reports reinforces Suspicious Activity Reporting as a vital source of intelligence to support Anti-Money Laundering, Counter Terrorist Financing, and Anti-Fraud investigations.
Firms with UK operations and reporting obligations should read the updated UKFIU booklet to gain further insights into the necessity of Suspicious Activity Reporting.